Cryptocurrency has received a lot of mixed hype in the recent past. With Bitcoin prices surging higher than ever, it was considered the next big thing in the digital and financial world. However, polar changes in its value, extremely volatile nature and instances of fraud and misleading promises- all have led to receding belief in cryptocurrency. This has compelled many governments and private organizations to take steps in its regard and safeguard the public from any hazardous information on this matter.
Keeping this in mind, many digital and tech companies of the world have taken the decision to ban ads promoting cryptocurrency, which includes issues, including but not limited to, binary options, initial coin offerings (ICOs), cryptocurrency wallets, and token sales. Many governments and their agencies are already trying to come up with ways to control and monitor the extremely unstable digital currency market and top companies banning such ads is a move which makes the former’s quest stronger.
Companies like Amazon, Baidu and Alibaba already followed a policy of limiting ads on cryptocurrency related content. However, this move caught momentum and gained attention when social media giant, Facebook, decided to ban such ads around February 2018. Facebook clearly stated that protecting its public from misleading advertisements is a part of their core value because they want ads to be safe.
Following suit, Google was the next in line to ban such ads. Google had already stated that it removed around 3.2 billion harmful ads from its network in 2017 and the cryptocurrency ban would take their quest further. In June this year, Google plans to implement this decision and take this ban further to the AdWords sphere. Twitter has followed suit and announced two days ago that it will impose a ban on cryptocurrency and related ads as well.
However, two major sites namely, Microsoft-owned search platform Bing and Snapchat have not yet imposed or released any notification about any such restriction on cryptocurrency ads. It can also be noted that though Facebook has imposed on a ban on cryptocurrency products and services, it does not restrict and still shows ads related to the industry such as an ad for a cryptocurrency marketing platform.
Such a strong decision by these companies is indicative of the fact that people are taking cyber security and safety seriously in this age of digital advancement. On the other hand, it is a huge setback for the online currency market as they have easily lost 70 percent of the digital ad market of the world. It will be interesting to see how these strict rules are implemented and what counter strategy is adopted by the affected firms and companies.
This article is related to:
Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Cardano, Cryptocurrency, cyber security, Digital Wallet, Technology, Blockchain, Facebook, ebook, Twitter, Finance, Cryptocurrency wallets, Initial Coin Offerings, Baidu, Alibaba, Amazon, Google, Cryptocurrency Ads